Updated Oct 29, 2024
Sabal Capital Provides $3.8M Loan For Bronx Multifamily Property
2408 Webster Avenue, Bronx, NY, USA
$3,840,000
Building Size
—
Asset Type
MultiFamily
Closing
Mar 6, 2018
About this deal
AI
The property involved in this transaction is a multifamily asset located at 2408 & 2420 Webster Avenue, Bronx, NY. The loan for this property was secured through a permanent mortgage loan. The loan amount is $3,840,000 with a fixed interest rate of 3.99% for 10 years, with 3 years interest-only. The loan has a loan-to-value (LTV) ratio of 80% and is non-recourse. John Darrow, from Sabal Capital, served as the lender for this transaction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,840,000
- Address: 2408 & 2420 Webster Avenue, Bronx, NY
- Interest Rate: 3.99% fixed for 10 years with 3 years interest-only
- LTV Ratio: 80%
The landlord of the property is Webster Ice, LLC, represented by Joseph Oved and Ezra Dweck. Brad Domenico from Progress Capital served as the broker in this transaction.
On the Map
$3,840,000
MultiFamily
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.13%
Cash-on-Cash
-1.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93